Indian Stamp Act, 1899
No: 2 Dated: Jan, 27 1899
THE INDIAN STAMP ACT, 1899
ACT NO. 2 OF 1899
An Act to Consolidate and amend the law relating to Stamps.
WHEREAS it is expedient to consolidate and amend the law relating to Stamps.
It is hereby enacted as follows:—
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement. - (1) This Act may be called The Indian Stamp Act , 1899
(2) It extends to the whole of India:
Provided that it shall not apply to the territories which, immediately before the 1st November, 1956, were comprised in Part B States (excluding the State of Jammu and Kashmir) except to the extent to which the provisions of this Act relate to rates of stamp-duty in respect of the documents specified in Entry 91 of List i in the Seventh Schedule to the Constitution.
(3) It shall come into force on the first day of July, 1899
2. Definitions. - In this Act, unless there is something repugnant in the subject or context,
(1) "allotment list" means a list containing details of allotment of the securities intimated by the issuer to the depository under sub-section (2) of section 8 of the Depositories, Act, 1996;
(1A) "banker" includes a bank and any person acting as a banker;
(2) Bill of exchange.Bill of exchange means a bill of exchange as defined by the Negotiable Instruments Act, 1881 (26 of 1881), and includes also a hundi, and any other document entitling or purporting to entitle any person, whether named therein or not, to payment by any other person of, or to draw upon any other person for, any sum of money;
(3) Bill of exchange payable on demand.Bill of exchange payable on demand includes
(a) an order for the payment of any sum of money by a bill of exchange or promissory note, or for the delivery of any bill of exchange or promissory note in satisfaction of any sum of money, or for the payment of any sum of money out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or happen;
(b) an order for the payment of any sum of money weekly, monthly or at any other stated period; and
(c) a letter of credit, that is to say, any instrument by which one person authorises another to give credit to the person in whose favour it is drawn;
(4) Bill of lading.Bill of lading includes a through bill of lading, but does not include a mates receipt;
(5) Bond.Bond includes but does not include a debenture;
(a) any instrument whereby a person obliges himself to pay money to another, on condition that the obligation shall be void if a specified act is performed, or is not performed, as the case may be;
(b) any instrument attested by a witness and not payable to order or bearer, whereby a person obliges himself to pay money to another; and
(c) any instrument so attested, whereby a person obliges himself to deliver grain or other agricultural produce to another;
(6) Chargeable.chargeable means, as applied to an instrument executed or first executed after the commencement of this Act, chargeable under this Act, and, as applied to any other instrument, chargeable under the law in force in India when such instrument was executed or, where several persons executed the instrument at different times, first executed;
(7) Cheque.cheque means a bill of exchange, drawn on a specified banker and not expressed to be payable otherwise than on demand;
(7A) "clearance list" means a list of transactions of sale and purchase relating to contracts traded on the stock exchanges submitted to a clearing corporation in accordance with the law for the time being in force in this behalf;
(7B) "clearing corporation" means an entity established to undertake the activity of clearing and settlement of transactions in securities or other instruments and includes a clearing house of a recognised stock exchange;